Answer:
Option B.
Explanation:
A loss contingency refers to a charge to expense for what is considered to be a probable future event, such as an adverse outcome of a lawsuit. A loss contingency usually gives the person who is reading an organization's financial statements an early warning of a payment which is impending, and which is related to a likely obligation.
In the scenario presented above, we can see that Ultimate Company is involved in a lawsuit and might be expected to pay $3 billion, this reflects the situation of a loss contingency which should be disclosed in notes to Ultimate Company's financial statements.
The correct answer is $300,000.
The company will report the actual amount of the sale - $300,000. The cost of goods sold is subtracted from the net sales on the income statement at the end of the fiscal period.
The type of organizational learning that involves a formal approach to familiarize a new staff member with the organization's values and policies is <u>B. employee orientation</u>.
<h3>What is organizational learning?</h3>
Organizational learning involves the process of gaining experience and creating knowledge for organizational improvement.
Organizational learning enables employees to:
- Share insights
- Brainstorm together
- Solve problems
- Improve performance.
Thus, familiarizing new staff members with the organization's values and policies involves <u>employee orientation</u>, not employee mentorship, training, or development.
Learn more about employee orientation as part of organizational learning at brainly.com/question/11815347
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the IRS has the authority to impose penalties on tax professionals.
The IRS is the Internal Revenue Service unit for the United States, which is in charge of collecting federal taxes in the United States and overseeing the Internal Revenue Code, the principal section of federal statutory tax legislation.
It is a division of the Treasury Department and is run by the Commissioner of Internal Revenue, who is picked by the US President for a five-year term. Among the responsibilities of the IRS are helping taxpayers with their taxes, pursuing and resolving cases of incorrect or fraudulent tax files, and managing a number of benefit programs, including the Affordable Care Act.
To know more about IRS :
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i dont know, it could really be any thing tbh
